UPDATE 1-Nigerian annual inflation falls to more than two year low in April

2 Min Read

(Adds details)

ABUJA, May 15 (Reuters) - Annual inflation in Nigeria stood at 12.48 percent in April, its lowest level in more than two years and its 15th straight monthly drop, the National Bureau of Statistics said on Tuesday.

It fell from 13.34 percent in March. A separate food price index showed inflation at 14.80 percent in April, compared with 16.08 percent in March.

Food inflation has been in double figures for nearly three years, but has slowed for the past six months.

The statistics office said the highest increases were recorded in potatoes, yam and other tubers, as well as bread and cereals, plus oil and fats.

The central bank’s monetary policy committee is due to meet later this month to set its main interest rate. It held the rate at 14 percent in April in an attempt to curb inflation, especially in food prices.

It has kept rates tight for more than a year to support the naira and attract foreign investors into the debt market. (Reporting by Paul Carsten; Additional reporting by Alexis Akwagyiram and Chijioke Ohuocha in Lagos Editing by Alison Williams/Keith Weir)